Co-working startup space operator Tank Stream Labs is preparing to open a new premium office in Sydney’s Barangaroo later this year.
Tank Stream Labs has pre-secured 4,400 square feet over two levels in International Tower Three, part of Lendlease’s carbon neutral Barangaroo district.
“It’s very exciting,” said Bradley Delamere, CEO of Tank Stream Labs Daily startup. “This will be our largest office to date.
“Barangaroo is more of a premium location, so we’re looking at scale-ups with quite a bit of funding behind them and people who want to be close to customers, such as major banks and professional services.
“Fintechs will be a big focus for us.”
At a time when venture capital funding is becoming increasingly difficult, it seems counterintuitive that, for example, Tank Stream Labs would open up new spaces for start-up companies — especially when the Tech Central scale-up hub didn’t open until May.
The success of that company, which has reached maximum occupancy, previously necessitated two new extra floors for scale-ups in Barangaroo.
“There is definitely a lack of funding right now, especially at the early stage,” Delamere said.
“We have moved up a bit with our product range to focus on scale-up companies.
“They have financing behind them and can afford to afford large workspaces, but on the other hand they are looking for some flexibility.
“They can’t predict their growth trajectory or team size and don’t want to be stuck in the long run so they can grow and downsize as needed.”
Delamere expects the Barangaroo space, which has already been set up, to be operational in November.